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Mobile payment rates skyrocketing across globe

July 26, 2013

Based on recent data, it's apparent the need for businesses to offer mobile credit card processing is becoming more and more pronounced.

Based on recent data, it’s apparent the need for businesses to offer mobile credit card processing is becoming more and more pronounced.

According to a recent study from eMarketer, mobile payment revenue will top $1 billion this year in the U.S. alone. For companies that want a piece of the increasingly large pie, installation of online credit card processing services are an absolute must. 

The report suggests that online shopping is about to go through a seismic shift, as well. While low-cost items have generally been sold on-location, the study suggests that even your morning brew may eventually be paid for with mobile capabilities. 

“In the near term, light users experimenting with low-dollar purchases will dominate the mobile payment audience; a smaller segment of heavy users who habitually buy their daily coffee, for example, with a mobile payment system will increase over the forecast period,” reports the text.

The important step among retailers, according to eMarketer, is the adoption of convenient and efficient processing technologies. While mobile spending trends are skewing upwards, negative experiences among consumers only serve to dilute the concept of online payment. 

“Integration of proximity payments with other mobile commerce activities will contribute to increased consumer awareness and use, encouraging uptake… [but] absent these conditions, the market may not develop as predicted in the model,” the study claims.

Across the world, consumers jump in on the trend
While mobile payments skyrocket in the U.S., consumers across the globe are also catching up. A Canadian study recently found that cash was about to fall out of place as the top form of payment among consumers there, on average. The report stated that mobile payment options were a major component of the shift  in mores. Annual mobile payments are expected to exceed $40 billion in the country by 2017. 

The trend continues across the pond in Britain, where more consumers are turning to their mobile phones for payment options every day. The daily volume of mobile transactions in the area is now skewing close to $750,000 every single day. The nation has seen an increase of 25 percent in regards to mobile payments over the past six months.

“This rapid growth shows more and more consumers are willing to spend money through their mobile devices, with shopping on the move becoming a reality,” said Steffen Frouland, the SEO of the firm that conducted the study. “With the number of U.K. smartphone users set to continue to rise, we expect mobile transactions to overtake desktop spending before the end of the year.” 

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